By Mohammed Ohis Eroje
Africa’s consumer market is expected to rise astronomically in the coming years with consumer spending in Africa anticipated to very well surpass $2 trillion by 2025.
For instance, Nigeria is Africa’s largest economy being home to around 200 million people. And across the continent, the population stands at more than 1.2 billion.
In 2015, African consumers spent an estimated $1.4 trillion (Source: Mckinsey).
Three countries, South Africa, Nigeria and Egypt made up more than half of that total. And by 2025, consumer spending is much expected to top $2 trillion (Source: Mckinsey)
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Enthusiastically expressing their consumerism tendency in Nigeria, Cynthia Bash said, “I could buy some things internationally, and there are some things I would definitely come back home to Nigeria to buy.”
On his part, Dare Esho, another avid consumer said, “Buying Nigeria made or locally made products, actually gives me, I would say, a sense of fulfilment. I hope the fact that you know someone has taken initiative to do something here, and why would I not want to encourage them. Give me good service; give me good things, I will buy them. I don’t have any problem with that.”
